How to Opt Out of Forced Arbitration

Some Chase credit card holders will have a binding arbitration clause added to their card agreement. Here's what you need to know.

Heads up, Chase credit card customers: The issuer is adding a binding arbitration agreement to nearly all of its cards (excluding the AARP card)—but you still have time to opt out. Chase will soon bar cardholders from banding together in a class-action lawsuit against the company. Customers will have to settle disputes through arbitration—in which a third party privately makes a judgment—or in small-claims court. But if you send Chase a letter by the date specified in the notice you receive outlining the changes (dates vary and are in early August), you can preserve your right to join a class action.

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Lisa Gerstner
Editor, Kiplinger Personal Finance magazine

Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.